Record keeping Q for tax attorney and accountant types

[SadieKate]

I'm in major throw-out mode. Has to be done. How long do I need to keep bank statements and receipts? They mostly just get thrown in a box "just in case." What do you recommend?

Thank you so much for your advice.

[chickwhorips]

after watching the people's court (did i just admit i watch that?) seems like you should keep it as long as you may need or until its past the time that the statue of limitations is no longer effective.

though i also wonder the true answer to this question.

[SadieKate]

But how do you define what "you may need"? I think I just need to worry about the IRS. Fat lot of good it is to be married to an attorney who specializes in fish, water and trees. :p

SK potters off mumbling to self, "I will NOT be like my mother. I will NOT be like my mother."

[maillotpois]

I think it's 7 years. not completely sure - I will ask our tax attorney.

[SadieKate]

That's in my head also, but when I ask Fish Boy he just blows bubbles.

[Blueberry]

I'm pretty sure it's 7 years too.....

CA (who isn't a tax atty, but wishes she could specialize in water, fish and trees:D :D )

[SadieKate]

Collecting links of info:

http://www.kiplinger.com/columns/ask/archive/2002/q0325.htm
http://ask.yahoo.com/20020729.html
http://www.bankrate.com/brm/news/mtg/20000518h.asp
http://www.fdic.gov/consumers/consumer/news/cnfall02/bnkrcrds.html

I have boxes of family trust reports also (trust me, it's a very teeny, tiny trust). I'd really like to just get a CD once a year or quarter than this ton of paper. Maybe the reports could be emailed to me. I'm being buried alive!

[Trekhawk]

Collecting links of info:

http://www.kiplinger.com/columns/ask/archive/2002/q0325.htm
http://ask.yahoo.com/20020729.html
http://www.bankrate.com/brm/news/mtg/20000518h.asp
http://www.fdic.gov/consumers/consumer/news/cnfall02/bnkrcrds.html

I have boxes of family trust reports also (trust me, it's a very teeny, tiny trust). I'd really like to just get a CD once a year or quarter than this ton of paper. Maybe the reports could be emailed to me. I'm being buried alive!

Hey you cant count climbing out from under paperwork towards your Kiviuq total you know.:D

Sorry as you can see I have nothing useful to say.

[SadieKate]

Can't get one past you, can I? :rolleyes:

[SouthernBelle]

Most financial stuff should be kept for 7 years. It helps every year if you get one of those big files divided into months and just file all your bills, statements, etc away by month. Been doing this for years and keeps stuff organized and easily found.

Some things shoud be kept longer such as mortgage docs, deeds, brokerage statements (for proof of long term gains or losses). Those things get their own file. I punch holes in them every month and put the newest on top of the stack in the file. One file can last that way for many years.

HTH,